Pandox has bought The Queens Hotel in Leeds city centre from Aprirose for £53m, with the acquisition of the 232-room hotel including both the hotel property and operations.
The Sweden-based hotel owner has signed a management agreement with Axiom Hospitality, which will operate the hotel as an independent brand. As
The hotel was recently renovated, with Aprirose upgrading all the rooms and adding 17 more rooms.
Pandox says it believes the hotel is in a strong position in its market, adding it expects a stabilised yield of over 9 per cent.
What they said
Liia Nõu, CEO of Pandox said: “We are pleased to acquire the iconic and market leading The Queens Hotel in central Leeds. The hotel product is in very good condition after a newly completed renovation. The transaction is made at an attractive yield, and we see good potential to further increase the hotel’s return over time through active measures in operation, organization and product offering.”
Manish Gudka, CEO of Aprirose said: “We are pleased to have executed the sale of this asset to deliver on our strategy for the property. Having followed our investment with a substantial and carefully considered capital expenditure programme to reposition the hotel, we have created value and generated a good return for our investors, exemplifying our overall approach to real estate investment.
"The hotel and leisure sector remains an important focus for our business, and we continue to look for opportunities to deploy our capital in high quality, well-located buildings in growth areas.”